Ihor Dusaniwsky from S3 Partners was interviewed yesterday concerned our boy SPRT. Some hopium quotes from the interview:
“Shares shorted were climbing earlier in the month, but we have seen short covering recently as the shorts are in the middle of a big squeeze," says Ihor Dusaniwsky of S3 Partners, adding, "The squeeze will continue and accelerate."
"This rally is a long buying rally in a stock with a thinly traded float (20 million shares) and tremendous long buying pressure," Dusaniwsky said. 'Gamma squeeze + momentum buying + some short covering = monster rally," said Dusaniwsky.
Concerning yesterday’s drop EOD, RSI in SPRT remained above 60 on the 4h chart. That is typically a bullish signal.
What is RSI?
Why is staying above 60 bullish?
From the same Fidelity Article:
In an uptrend or bull market, the RSI tends to remain in the 40 to 90 range with the 40-50 zone acting as support. During a downtrend or bear market the RSI tends to stay between the 10 to 60 range with the 50-60 zone acting as resistance. These ranges will vary depending on the RSI settings and the strength of the security’s or market’s underlying trend
You may remember GMEs first run up had a big drop on January 25th. Illustrated here. A 61.06% drop intraday, however RSI remained above 60.
Now let’s look at SPRT yesterday here a 55.51% drop. RSI remained above 60.
GMEs performance does not dictate what SPRT will do, but it highlights how things may not be what they seem, and we must look deeper than just the price of the stock. There are fundamental indicators that point to a reversal to the upside (off the EOD drop) next week. $Support.com(SPRT)$
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